- August 14, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF remains on the backfoot with the latest declines taking place from 0.9105.
- A falling trend line from September 2018, oversold RSI conditions question the sellers.
- Bulls will wait for a clear break above 0.9200.
USD/CHF stays depressed at 0.9097 ahead of the European session on Friday. The pair dropped during the previous two days while defying the oversold RSI conditions on the weekly chart, needless to mention about the previous week’s Doji candlestick.
Even if the sellers are on the driver’s seat, a multi-week falling trend line near 0.9075, followed by the monthly low around 0.9050, will question the pair’s further downside.
Additionally, the 0.9000 threshold adds to the list of the supports that hold the key to the south-run targeting July 2014 low near 0.8850.
If at all the pair stays beyond 0.9050 on a weekly basis, buyers may think of an entry targeting 0.9200. However, a strong upside signal can only be gained if the pair manages to stay beyond the same.
USD/CHF WEEKLY CHART
Trend: Pullback expected